Getting your product or service to the point of commercialization is no small feat. The hard work, diligence and dedication required to get there is substantial. I outlined some methods to help execute an effective path-to-market strategy in my previous blog, "Build it and they may not come: understanding the path-to-market".

Although the path-to-market isn't always a quick journey, it's certainly of great value to execute efficiently. There are some ways to help make this process a smoother and shorter adventure:

Regional Partnering

Industry-Specific Funding

Anchor Customer Engagement

Regional partnering addresses gaps in a small company's ability to develop and deliver its product. Companies can use their time and expertise much more efficiently if they recognize that forming partnerships can help accomplish non-core tasks quicker, better and for less expense. Why spend resources trying to do something that you are not good at executing?

Small businesses that are aware of sources for industry-specific financing can reap some major benefits. One of NorTech's small business cluster members, for example, has received more than $12 million from federal agencies since 2005 with no dilution of ownership or claim to its intellectual property. It is hard to beat that kind of seed money to get new products to market.

My own experience has shown the most impactful way to shorten time-to-market is engaging an anchor customer: a market-leading company (or companies) that provides the first substantial orders for a new product or service.

For anchor customer engagement to be most effective, it is essential you choose a target customer that fits your value proposition and desired outcomes. The quality of the work put in toward developing the value proposition, market research and voice of the customer research will determine the quality of results in engaging an anchor customer.

Regional partnering, industry-specific funding and anchor customer engagement are tactics to consider when developing your strategies for product development and delivery, financing and target market access. Armed with these processes, you can make your product or service's path-to-market a shorter and less arduous journey.

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